Recognition of PSO’s performance by an accredited international agency is further testament to the current management’s sagacious planning and sound business policies, which have resulted in PSO posting a record half yearly profit of Rs. 7.13 Billion in the 1HFY11, even in the face of rising circular debt.
Commenting on the success of PSO in international quarters, Mr. Irfan Qureshi, the beaming MD of PSO said: “It is an honor for Pakistan State Oil to be ranked amongst the Top 100 Companies in the Muslim World. This honor has only increased the onus of responsibility on the Company to ensure that we continue to showcase remarkable performance in the future. As the largest energy sector company in Pakistan, PSO will continue to serve the needs of the nation in a responsible manner.”
Not simply content with being mentioned PSO has also boosted its performance across the board, by growing from the 29th slot to the 20th slot in a period of 2 years, with a recorded revenue increase of 21.48% this year. This year’s results had Turkish firms bagging the lion’s share of the list with an impressive 20 firms on the list, while Saudi Aramco continued to hold onto the top spot despite suffering a 42% negative revenue growth rate in 2010.